Eros (EROS) Mentioned Cautiously at Asensio.com
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"EROS justified their cash flow positive status by proclaiming that this was a result of an increase in their operating cash flows. However, EROS was only able to do this by factoring $39.03 million dollars of accounts receivables, which went into their operating cash flow ... if EROS had not factored their receivables, they would have reported a negative free cash flow of $16.2 million," said Asensio.
"Upon analysis, it seems that the same highlights that were deemed attractive to investors turned out to be a confirmation of EROS’s worst-case scenario," the short seller added.
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